TAX NEWS - June 2010

Here Comes Obama's "Cap and Tax"

On Tuesday night President Obama will address his subjects and inform them of their future deprivations and tax burdens.

Obama will speak from the Oval Office, with the subject matter being the oil spill in the Gulf of Mexico.  Obama will continue to cast himself as the savior of and the solution for the oil spill, characterizing the oil spill more as a 9/11 event than a Hurricane Katrina disaster.  This is just the opposite of reality and nothing at all unusual for Obama.

Obama is constantly driven by his political ideology, which includes the desire to raise taxes at every opportunity, to reduce fossil fuel consumption, and to grow the size of government.  Socialists such as Obama characterize raising taxes on fossil fuels as a good thing, because higher fuel prices will drive down fuel consumption.  The European Marxists have used this as an excuse to push the cost of gasoline in Europe to $10 a gallon and more.  However, higher fuel costs in Europe have never decreased fuel consumption but only the amount of money people have left in their pockets.

Obama plans to shut down oil and natural gas production in the Gulf of Mexico, pretending this will somehow magically decrease our fossil fuel consumption.  Our dependency on foreign oil will simply increase, our gasoline and other fuels will cost more, and the drilling rigs in US waters will move into Cuban and Mexican waters and produce oil for them.

The Gulf Oil Spill is a crisis Obama will not relinquish.  He will try to avoid the terrifying comparisons of the oil spill with the inadequate handling of Hurricane Katrina.  Obama will make the case for stopping oil drilling because it is too dirty.  Obama will suggest that the excessive taxation of our fossil fuels will cause people to use other sources of energy and will decrease the consumption of our fossil fuels.

If Obama gets his way, we will have less fuel, higher taxes, more job losses, and an increasingly unstable economy.  This will keep Obama's constituents on the Far Left happy.